What is A Revocable Living Trust?
A revocable living trust, also known as a living trust, is like a Simple Will because it outlines how your estate will be distributed after your death. The similarities end there. The revocable living trust is arguably a better way to handle your assets after your death. One major advantage of a living trust is that you are able to avoid the probate process associated with a Simple Will. When a will goes through the probate process, that takes place in state courts, and court records are generally public. By avoiding probate, your information remains out of the public eye and your family retains its privacy into your personal affairs. Also, larger estates can potentially save on federal estate taxes by using a revocable living trust.
With a will, you maintain ownership of your estate until you die. At that point your family or other beneficiaries are given the things you’ve left to them. With a living trust, you pass ownership of your estate to the trust while you are still alive. You still maintain control and manage your estate while you are alive and able. If you are no longer able to manage your estate, the person you assigned will continue to manage the estate for you. When you die, the trust will dissolve and the estate will be distributed to the beneficiaries based on your instructions.
How Does A Living Trust Avoid Probate?
The trust is able to avoid probate because when you die, you do not own the estate, the trust owns the estate. Since the trust continues after you die, the trust essentially lives on.
Can I Setup A Revocable Living Trust Myself?
A revocable living trust is not a do-it-yourself project. If there is any disadvantage to a living trust, it’s the fact that they are very detailed. For a living trust, you have to setup not only how your estate will be distributed after you die, but how things will be handled if you become incapacitated. A living trust requires quite a bit of work upfront, but in exchange you will have a lot of control.
Estate Planning with Buckman and Buckman, P.A.
At Buckman and Buckman, P.A., our Sarasota estate planning attorneys will review your existing Estate Plan free of charge and we can create a revocable living trust for a fee of $999. For more information, contact us at (941) 923-7700 or fill out our online form.
The Fee to Create a Revocable Living Trust is $999. Get More Information